Fluor (FLR) 8-K Other events

EXHIBIT 12

FLUOR CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar Amounts in Thousands)

															Nine
															Months
															Ended
															Sept 30
		1998			1999			2000		2001		2002			2003
Earnings from continuing operations before income taxes		$	193,838		$	88,674		$	164,287	$	185,320	$	260,524		$	191,807
Add (subtract)
	Equity in earnings from less than 50% owned persons, net of distributions		(8,090	)		(5,776	)		220		6,408		(3,529	)		(149	)
	Fixed charges		41,295			44,631			53,090		50,502		35,399			27,851
	Total	$	227,043		$	127,529		$	217,597	$	242,230	$	292,394		$	219,509
Fixed charges
	Interest expense	$	13,120		$	18,972		$	26,315	$	25,011	$	8,925		$	7,995
	Portion of rental expense representative of interest factor		28,175			25,659			26,775		25,491		26,474			19,856
	Total fixed charges (1)	$	41,295		$	44,631		$	53,090	$	50,502	$	35,399		$	27,851
Ratio of earnings to fixed charges (1)			5.50			2.86			4.10		4.80		8.26			7.88

(1) For purposes of computing the ratio of earnings to fixed charges, “earnings” consist of earnings from continuing operations before provision for income taxes plus fixed charges less equity in earnings from less than 50% owned persons, net of distributions. “Fixed charges” consist of interest and approximately one-third of rental expense.